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6 marksMarket Failure

CAPE Economics Unit 1 · 2005 · Paper 2 · Question 3(d)(i)

Define the following terms: (a) Efficiency, (b) Consumer surplus, (c) Producer surplus.

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Other parts of this question

  1. 3(a)Define the term 'market structure'.[3 marks]
  2. 3(b)List FOUR types of market structures that exist in the CARICOM region and give ONE example of EACH type.[8 marks]
  3. 3(c)Select TWO of the market structures listed in (b) and compare them with respect to: (i) Barriers to entry, (ii) Number of firms and buyers, (iii) Nature of the…[25 marks]
  4. 3(d)(ii)Discuss the efficiency with which resources are used in: (a) a monopoly, (b) perfect competition.[8 marks]

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